Gold Loan

Make your idle Gold into Cash with CITO’s Loans against Gold Ornaments and approved Gold Coins. Its one of the easiest and fastest means of finance that can be availed from our branches in less time. 

We offer Gold Loans in the form of Overdraft and Short-Term Loans for Personal Non-Agri / Agri Purpose.

Features and Benefits
  • Can be opened by all individuals including Minors under Guardianship
  • Minimum deposit amount can be invested from Rs 500/- and in multiples of Rs 100/-. 
  • Deposit period ranges from 12 months to 60 months
  • For Women Depositors 0.50% and for Senior Citizen Depositors 0.75% Extra interest on above rates
  • Nomination Facility Available, Loan Facility Available.
  • Pre-Mature Closure is allowed, subject to applicable norms.
Terms and Conditions
  • For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month. 
  • A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
  • The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
  • Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
  • Overdraft facility, Short-Term Loan, Bullet repayment and or EMI facility
  • Loan can be Personal purpose or Agriculture purpose or any other need
  • Simple and easy documentation and Quick Disbursal of Loan
  • High Security with Safe Vault room and CCTV coverage for 24 hours, 365 Days
  • Pre-Mature Closure is allowed, subject to applicable norms.
  • Loan Period available from 3 Months to 10 Months for OD / 12 Months for TL
  • For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month. 
  • A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
  • The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
  • Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.

Interest Rates Chart for Different Tenures

Loan Amount Minimum 10,000/-, Maximum 500,000/-
Repayment Period6 Months/ 10 Months for Overdraft Facility & 12 Months for Term Loan EMI facility. The Limit can be renewed for a further period of 10/12 months, subject to the discretion of sanctioning authority
SecurityPledge of Gold Jewellery with Minimum purity of 22 Carats and Gold Coins sold by banks
Rate of Interest1.66% pm to 2.16% pm based on per gram rate and Loan value
Charges Processing Fee -0.50%+GST (Min Rs 200/-) and Stamp Duty as per applicable Law of State Appraiser Charges – 0.50% of Loan value subject to Minimum Rs 200/- and Maximum Rs 1,000/-
Processing Charges PF - 1% + GST Appraiser Fee as applicable Stamp Duty as applicable.
Other Terms & Conditions
  • Interest and/ or EMI should be served on monthly basis
  • Gold Ornaments should be owned and Ownership declaration needs to be submitted
  • Exchange of  Gold Ornaments, partial withdrawal of Gold Ornaments is NOT permitted
  • Pre-Closure charges of minimum 2%, maximum 4% applicable based on Loan Period
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Term Loan policy
  • Once the OD/ Loan account becomes overdue or irregular all the recovery provisions (Recovery by auction of Gold Ornaments) shall be applicable
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.

*** Additional Interest of 0.50% for Women Depositors and 0.75% for Senior Citizen Depositors on above rates